As we noted last week, the squid’s Credit-Default Swaps (CDS), a form of insurance against a debt default, have recently become wider that similar CDS prices for Citigroup. Goldman’s shares are up 1.6% to $140.86, but they remain down more than 16% for the year. Citi is down 13% this year and Morgan Stanley is off 11% year-to-date.

Dow Jones Newswires:

“[The upgrade came after] a group meeting with Goldman’s vice chairman and Co-CEO Michael Sherwood. JPM concluded that the firm’s strategy is clear and recent negative newsflow impact on franchise is over-discounted.

“‘Based on our own analysis, we see material re-leveraging potential. Hence, we upgrade Goldman Sachs,’ says JPM. The firm Has a $175.00 target on Goldman Shares.”